Interest Rates on Bank Deposits and Loans: January 2023
03/03/2023 - Press Releases
- In January 2023, the weighted average interest rate on new deposits remained almost unchanged at 0.12%, while the corresponding rate on new loans increased to 5.36%.
- The interest rate spread between new deposits and loans increased to 5.24 percentage points.
- In January 2023, the weighted average interest rate on outstanding amounts of deposits remained almost unchanged at 0.11%, while the corresponding rate on loans increased to 5.33%.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.22 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained almost unchanged at 0.12%.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations stood at 0.08% compared with 0.05% in the previous month.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 13 basis points to 0.46%. The corresponding rate on deposits from non-financial corporations also increased by 13 basis points to 0.96%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 30 basis points to 5.36%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 5 basis points to 14.73%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 4 basis points to 11.36%. The average interest rate on housing loans at a floating rate increased by 9 basis points to 3.90%.
The average interest rate on new corporate loans without a defined maturity increased by 48 basis points to 5.69%. The corresponding rate on loans to sole proprietors increased by 14 basis points to 7.20%.
In January 2023, the average interest rate on corporate loans with a defined maturity at a floating rate increased by 38 basis points to 4.92%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 13 basis points to 4.96%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 increased by 20 basis points to 6.34%, on loans of over €250,000 and up to €1 million increased by 49 basis points to 5.63% and on loans of over €1 million increased by 36 basis points to 4.85%.
2. Interest rates on outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained almost unchanged at 0.11%.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 13 basis points to 0.35%, while the corresponding rate on deposits from non-financial corporations increased by 14 basis points to 0.87%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 31 basis points to 5.33%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity increased by 33 basis points to 4.01%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 14 basis points to 7.16%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 34 basis points to 5.05%. The corresponding rate on loans to sole proprietors increased by 22 basis points to 6.09%.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
Notes:
- The interest rate spread is the difference between the weighted average rate on all loans and the weighted average rate on all deposits.
- For the calculation of the weighted average interest rate on all outstanding deposits, the overnight deposits are also taken into account.
- Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
- New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.
Related information:
The complete data set of bank deposit and loan interest rates is published in the sub-section “Bank deposit and loan interest rates” on the Bank of Greece website.
The next Press Release for February 2023 will be published on 31 March 2023 according to the Release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Release calendar